Venmo is a mobile payment app that makes it easy for individuals to send and receive money with their families, friends and even strangers. It's no surprise that couples also often take advantage of the app's convenient and easy-to-use interface to manage their money together.
Venmo isn't just easy to use, it's rapidly growing in popularity: In its third quarter of 2018, the company processed processed $17 billion in transactions, but by Q3 of 2019, it was up to $27 billion in transactions.
And everyone utilizes the app differently. While some partners use it on a daily or weekly basis, others will wait until the end of the month to have a "Venmo day."
Either way, it can be fascinating to see how couples handle their joint finances, especially since money can be a sensitive subject. CNBC Make It spoke to five couples to see how and why they use Venmo.
1. Sara, 35, and Zack, 34
Location: Richmond, Virginia
Relationship status: Married
How often do you and your partner use Venmo?
"At least once a week," Sara says.
What do you and your partner most often use it for?
"We split the cost of going out for dinner, drinks, movies and more. Sometimes we'll just switch off who pays. Other times, the person with the credit card that earns the most points in a given situation will pay and the other will Venmo the payer," Sara says.
"For example, my husband's Chase Sapphire Reserve card earns three points per dollar on dining, so he generally throws his card down at restaurants. Or if one of us has a new credit card and we're working toward earning the sign-up bonus, we'll pay for pretty much everything and get paid back through Venmo."
Do you and your partner have any strategic ways you use Venmo?
"If we've purchased a lot of joint items within a few days, which we've done a lot recently because we just bought a house, we may group a few purchases onto one Venmo transaction," Sara says.
"When we were still renting our home, I paid the rent out of my checking account and my husband would Venmo me his share. If he covered another large household expense that month, he would just subtract it from his next rent payment," she adds.
Why do you like (or dislike) using Venmo? Is there anything you'd change about it?
"Venmo makes money transfers quick and easy, so there isn't much I'd change. I know many couples prefer to completely combine their finances for convenience, or as a sign of trust and devotion, but our system works for us and it forces us to have frequent money talks. Plus, we each have some financial autonomy. So long as our bills are paid and we're saving for our goals, I don't need to know what he spends on happy hour and he doesn't need to know how much I spend on highlights," Sara says.
I know many couples prefer to completely combine their finances for convenience, or as a sign of trust and devotion, but our system works for us and it forces us to have frequent money talks.
"I don't recommend leaving a large balance in your Venmo account, though, because unlike a bank account, your Venmo balance doesn't earn interest and isn't FDIC insured. I sometimes leave a small balance on there (under $200) as 'petty cash,' but I try to transfer money back into my checking account as quickly as possible if I don't have any upcoming Venmo transactions."
Is your partner the person you Venmo most?
"Absolutely! I'm pretty sure 90% of my transactions are between him and me," Sara says. "When appropriate, we add Simpsons references to our messages, like the time I paid him back for train tickets and wrote, 'I choo-choo-choose you.' There's always room for fun in a relationship, even when you owe your partner half of your car insurance premium."
2. Quinn, 29, and Justin, 30
Location: Jersey City, New Jersey
Relationship status: Dating
How often do you and your partner use Venmo?
"Two to three times a week, depending on what's going on. Usually more towards the end of the month or beginning of the next when bills come in," Quinn says.
What do you and your partner most often use it for?
"We use it to pay for rent and other big bills," Quinn says. She will typically Venmo Justin "for rent, internet and electricity, since most of those are in his name."
She adds: "He sends me payment for Netflix, Hulu, groceries, etc. To be honest, we use it for everything! For instance, we just attended a wedding and split the cost of the couple's gift by using Venmo. Pretty handy."
Do you and your partner have any strategic ways you use Venmo?
"We don't really have a specific strategy! Usually, we just Venmo whatever is needed in the moment, rather than tallying things up and doing it all later. That way, we don't miss anything, and also it makes it easier not to have to pay one giant bill at the end of the month on top of the rest of our expenses," Quinn says.
Is your partner the person you Venmo most?
"I absolutely Venmo Justin the most, simply because we live together," Quinn says.
Does it bother you that others can see when you make a payment if your account is set to public?
"Not really! We usually make up funny captions or use inside jokes for what we're paying each other anyway," Quinn says. "For example, rent payments are captioned with 'that tiny box where we keep all our stuff."
3. Jason, 43, and Holly, 39
Location: Brooklyn, New York
Relationship status: Married
How often do you and your partner use Venmo?
"A few times a month," Jason says.
What do you and your partner most often use it for?
"We typically use it to pay for expenses related to our kids," Jason says. "We have a 22-year-old in college and an 8-year-old in third grade." In addition to using Venmo to split expenses related to the kids, the couple also uses it for travel and vacation expenses.
Jason takes care of all car-related expenses, but for the most part, "We each have our own bills we typically pay separately that come out about even," he says.
Is your partner the person you Venmo most?
"Besides my wife, the person I pay most via Venmo is the dog walker we use occasionally," Jason says.
Does it bother you that others can see when you make a payment if your account is set to public?
"Yes, it bothers both of us," Jason says. "Because of that, we both have our accounts set to private. I also am not a fan that you always have to indicate what the payment is for."
4. Taylor, 27, and Andrew, 30
Location: New York, New York
Relationship status: Dating
How often do you and your partner use Venmo?
"Three to four times per week," Taylor says.
What do you and your partner most often use it for?
"We most often use it for groceries, restaurants, buying flights or booking trips," Taylor says.
Do you and your partner have any strategic ways you use Venmo?
"Nope. We try and Venmo each other as soon as we make a payment toward something to keep track, but we mostly use it for larger purchases over $100," Taylor says. "We won't split coffee or lunch."
Why do you like (or dislike) using Venmo? Is there anything you'd change about it?
"I love Venmo," Taylor says. "I don't know how we did anything without it! Only thing I would change is being able to access a monthly statement by person, but something tells me that might be available already?"
5. Kaylea, 26, and Tyler, 25
Location: Chicago, Illinois
Relationship status: Dating
How often do you and your partner use Venmo?
"Once a month for bulk payments," Kaylea says.
What do you and your partner most often use it for?
"We do not live together, but still share expenses. Oftentimes, [we use Venmo] to take advantage of opportunities. My boyfriend has to spend $3,000 on a credit card next month to unlock a promotion, so he's going to buy the expensive blinds I want for my condo," Kaylea says, laughing. "I'll pay him back on Venmo. I get more cash back at grocery stores on my credit card, so I buy his groceries. He pays me back on Venmo."
Do you and your partner have any strategic ways you use Venmo?
"We keep track of our expenses and Venmo charge each other in bulk, usually on our credit card billing cycle," Kaylea says.
Why do you like (or dislike) using Venmo? Is there anything you'd change about it?
"We like that it's convenient and is pretty universally used, and dislike that there's always the spooky feeling that comes with a third party having access to your finances," Kaylea says. "Someone could steal your phone and hack your account."
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